Appears that Chevron Federal Credit union offers some of the best savings rates for a Brick and Mortar Bank. 0.8 Percent for a Savings Account with at least 2.500 Dollars. Does anyone know of better or even comparable rates ? I know Big national Banks are much lower. Internet banks maybe a touch higher, but that is not my preference.
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Who needs brick and mortar? I haven't banked in person in years. Online banks have had the best rates for ages. Barclays offers 1%. Put any cash you require there.
Ally Bank has been paying 1.00% for their online savings account with any amount. And I believe you can write checks on it . The 24 hour service is convenient and transfers to and from my local bank have gone smoothly.
I've dealt with several of these online outfits and this one seems to be one of the best.
Actually an FDIC insured account for $4.7 mil does not exist with any interest rate since the FDIC limit is $250,000 per account, although you can spread your money over different accounts with different ownership categories to effectively get more $ insured.
@1jeq, I'll take a 7% interest rate on all my money any day, any time. That's a slam dunk great return for anyone, especially with the kicker that it's FDIC government (taxpayer) guaranteed. Too bad the mySavings account is limited to only a few Dollars, else I would be parking my $1.7MM at CFCU on Monday morning.
A good online bank is a great place to have a checking and savings account for the higher interest rates they pay. In the last 3 years, I probably have gone into my brick & mortar bank building only twice, so doing your banking online makes more sense today. My only concern would be the ease of getting cash from a local ATM machine and avoiding any convenience fee for making withdrawals.
For folks who use online banks, how is it working. Would like to hear Pros and Cons
Can we use checks to withdraw just like a regular Brick and Mortar bank
Any important considerations to keep in mind ?
Thanks
Discover Bank has an FDIC insured savings account that's currently at .95%, but it's not brick-and-mortar in the sense that they don't have branch banks you can visit. If that's important to you then CFCU has the best rates that I know of. They also generally have good mortgage rates as well, if you ever need that.
It's hard to beat the savings rates at CFCU. I transferred over half my money from Chase and Wells Fargo over to a Money Market account at CFCU a couple of years ago. About two years ago, they introduced the 0.80% APY interest rate for the MM account. They have 1-year CD rates at 1.05 and may still be offering a whopping 5% rate for early savers accounts that your children can open with your money. Aside from highly competitive savings rates, their low mortgage and refi rates along with low closing costs cannot be beat. I've come to the realization that the better credit unions beat the socks off of banks. Service fees are kept to a minimum too.